Watch Fed Chairman Jerome Powell in his congressional testimony

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Federal Reserve Chairman Jerome Powell delivers his mandated semiannual report to Congress this week, with the first stop Tuesday at the House Financial Services committee. In addition to delivering a prepared address, Powell will field questions from lawmakers on monetary policy, the economy and banking regulations.

Markets expect the Fed to hike interest rates three times this year, and Powell's remarks seemed to indicate the central bank remains on a tightening path. He also said the economy remains strong.

This is Powell's first speech to Congress since taking over as chairman in early February. He succeeds Janet Yellen, who served one full term but was not reappointed by President Donald Trump.

Powell said he and Yellen have "worked to ensure a smooth leadership transition and provide for continuity in monetary policy."